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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Pampa Energia SA has a M-score of -3.39 suggests that the company is not a manipulator.
During the past 11 years, the highest Beneish M-Score of Pampa Energia SA was 2.81. The lowest was -6.24. And the median was -2.62.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 2.1307||+||0.528 * -0.9887||+||0.404 * 0.5716||+||0.892 * 0.8096||+||0.115 * 1.0303|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.7104||+||4.679 * -0.0736||-||0.327 * 1.2879|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $305.1 Mil.|
Revenue was 175.202815177 + 168.453365973 + 175.10379437 + 139.337209302 = $658.1 Mil.
Gross Profit was 13.9247246022 + -7.25006119951 + -2.88164014688 + -9.23170134639 = $-5.4 Mil.
Total Current Assets was $466.5 Mil.
Total Assets was $1,613.6 Mil.
Property, Plant and Equipment(Net PPE) was $868.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.3 Mil.
Selling, General & Admin. Expense(SGA) was $151.1 Mil.
Total Current Liabilities was $660.0 Mil.
Long-Term Debt was $387.8 Mil.
Net Income was -47.7484700122 + -12.0635250918 + -19.6585067319 + 114.057160343 = $34.6 Mil.
Non Operating Income was -37.152876377 + -33.9654834761 + -0.336964504284 + -21.5285189718 = $-93.0 Mil.
Cash Flow from Operations was 61.1395348837 + 84.3674418605 + 61.1210526316 + 39.7363525092 = $246.4 Mil.
|Accounts Receivable was $176.9 Mil.
Revenue was 170.403671971 + 192.544798042 + 230.668176255 + 219.248592411 = $812.9 Mil.
Gross Profit was -12.6397796818 + 5.72851897185 + 5.97307221542 + 7.57980416157 = $6.6 Mil.
Total Current Assets was $255.9 Mil.
Total Assets was $1,439.0 Mil.
Property, Plant and Equipment(Net PPE) was $748.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $42.1 Mil.
Selling, General & Admin. Expense(SGA) was $109.1 Mil.
Total Current Liabilities was $434.3 Mil.
Long-Term Debt was $291.2 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(305.114198286 / 658.097184823)||/||(176.878824969 / 812.865238678)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(-7.25006119951 / 812.865238678)||/||(13.9247246022 / 658.097184823)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (466.490085679 + 868.783353733) / 1613.59547124)||/||(1 - (255.936352509 + 748.837209302) / 1439.02080783)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(42.0700122399 / (42.0700122399 + 748.837209302))||/||(47.2949816401 / (47.2949816401 + 868.783353733))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(151.112607099 / 658.097184823)||/||(109.124724602 / 812.865238678)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((387.787760098 + 660.040269278) / 1613.59547124)||/||((291.23623011 + 434.345165239) / 1439.02080783)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(34.5866585067 - -92.9838433293||-||246.364381885)||/||1613.59547124|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -3.39 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data